Algeria asks to join the BRICS and would contribute $1.5 billion to the group’s bank

Algeria asks to join the BRICS and would contribute $1.5 billion to the group’s bank

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TUNIS, July 21 (Reuters) – Algeria has applied to join the BRICS group and has applied to become a shareholder member of BRICS Bank for $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying.

He added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open up new economic opportunities.

The North African country is rich in oil and gas resources and is seeking to diversify its economy and strengthen its partnership with countries like China.

The BRICS group of nations includes Brazil, Russia, India, China and South Africa. It represents over 40% of the world’s population and about 26% of the global economy.

“We have officially requested to join the BRICS group, we have sent a letter asking to be shareholder members of the bank… Algeria’s first contribution to the bank will be 1.5 billion dollars,” Ennahar said, quoting Tebboune.

More than 40 countries have expressed interest in joining the BRICS group of nations, South Africa’s top diplomat in charge of relations with the bloc said this week.

Argentina, Iran, Saudi Arabia, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon and Kazakhstan are among the countries that have expressed interest.

China will invest $36 billion in Algeria in sectors including manufacturing, new technologies, knowledge economy, transport and agriculture, local media quoted Tebboune as saying this week.

Reporting by Tarek Amara, editing by Louise Heavens and Alison Williams

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